economic community
Shared market zone
An economic community is a group of countries that agree to reduce trade barriers among themselves, allowing freer movement of goods, services, capital, or labor across their borders.
The European Economic Community, precursor to the European Union, is the most prominent example.
Such arrangements range from simple free-trade zones to deeply integrated markets with shared regulations and currencies.
- European UnionContinental political-economic federation
- member statesCountries within a union
- single marketIntegrated trading bloc
- free trade agreementTreaty eliminating tariffs between nations
- ASEANSoutheast Asian intergovernmental body
market · goods and services · job creation · income equality · poverty alleviation · monetary union · common market · environmental sustainability · infrastructure development · barter · vendor · neighbor · migration patterns · education access · crafts · tariff reduction · level playing field · coin
economic communitypolitical union
Merged sovereign entities
military alliance · defense pact · customs union · confederation · federal state
economic communityautarky
Complete economic independence
trade war · economic isolation · economic nationalism · protectionism · mercantilism
economic, community, economy, economics, economical, economically, economist, economies, commune